BNB Trading: The Sellers Are in Control, Can The Buyers Regain Momentum?

For the past two weeks, Binance Coin trading has been trending
below the last high due to the supply forces in the market. As a result of
this, the sellers appeared to be gaining control of the market. If the buyers
manage to position trade above the channel, the BNB market may resume a
positive move.

BNB-USD Market

Key Levels:
Resistance levels: $24, $26
Support levels: $19, $17

The best-performing
cryptocurrency appeared to be losing control of the market as
price remains low since it labeled the all-time high on April 20. Currently,
BNB maintains a slope movement while trading within a channel. The actual
scenario could be revealed on the 4-hours MACD which now plays bearish.

As confirmed on the
4-hours RSI which is reflected at the oversold level, a possible drop is likely
to bottom at $19 support and possibly $17 level. This could position the BNB
market in a bearish scenario. In the opposite direction, a swing high is possible
at $24 and $26 resistance level.

However, if the buyers
managed to sustain price significantly above the $26, a new price may be
established around a tight area of $28 – $30 levels.

BNB-BTC Market

On April 11, Binance
Coin climbed to reach the 0.0048BTC before plunging in a channel. Earlier
today, the selling pressure hit the last month rise level of 0.0034BTC testing
the lower channel. After retouching the mentioned level, the market rebound and
formed a pin bar candle – a signal for a bullish move. A retest is likely at
0.004BTC before resuming the rally.

Meanwhile, the potential support for the next rally can be
expected at around 0.0032BTC level. Now, the bearish scenario is revealed on
the 4-hours MACD; reflecting the supply forces in the market.

Furthermore, the 4-hour RSI is significant at the oversold
condition; confirming a strong selling pressure. However, a notable break above
the channel may set the market in a bullish trend. for now, Binance Coin is
obviously following a bearish sentiment against the Bitcoin market.

Please note: insidebitcoins.com
is not a financial advisor. Do your own research before investing your funds in
any financial asset or presented product or event. We are not responsible for
your investing results.

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